http://ficoforums.myfico.com/t5/Credit-in-the-News/U-S-Bancorp-s-2Q-profit-misses-mark/m-p/34250#M31 <div></div><div><a href="http://washington.bizjournals.com/cincinnati/stories/2007/07/16/daily25.html" target="_blank">http://washington.bizjournals.com/cincinnati/stories/2007/07/16/daily25.html</a></div><div> </div><div><em><font color="#0000ff">Minneapolis-based U.S. Bank said it earned $1.16 billion, or 65 cents per share, in the second quarter. That's down 3.7 percent from $1.2 billion, or 66 cents per share, during the same period last year. Revenue of $3.51 billion was up 1.5 percent from $3.45 billion a year ago.<br>...<br>The company said it wrote off $191 million for the second quarter in credit losses, up from $125 million a year ago, due mostly to consumer credit cards.</font><br></em></div><div><div> </div><div>Despite $191 million written off, mostly from consumer CCs, they still earned over $1 billion last quarter. The write off represents a 52.8% rise over the same quarter last year.</div><div> </div><div>I have to wonder whether U.S. Bank is padding it's losses by raising the fees tacked on before charging off the debt. Liz Warren has said some banks admit they charge $2 in fees for every $1 in actual losses when charging off bad debts.</div><div> </div><div>If that's true for U.S. Bank, then their losses actually rose from $41.7 million to $63.7 million 2Q from 2006 to 2007. Also means their profit rose 0.31% 2Q from 2006 to 2007.</div><div> </div></div> Tue, 17 Jul 2007 21:25:25 GMT Noah_Bodie 2007-07-17T21:25:25Z http://ficoforums.myfico.com/t5/Credit-in-the-News/U-S-Bancorp-s-2Q-profit-misses-mark/m-p/34250#M31 <div></div><div><a href="http://washington.bizjournals.com/cincinnati/stories/2007/07/16/daily25.html" target="_blank">http://washington.bizjournals.com/cincinnati/stories/2007/07/16/daily25.html</a></div><div> </div><div><em><font color="#0000ff">Minneapolis-based U.S. Bank said it earned $1.16 billion, or 65 cents per share, in the second quarter. That's down 3.7 percent from $1.2 billion, or 66 cents per share, during the same period last year. Revenue of $3.51 billion was up 1.5 percent from $3.45 billion a year ago.<br>...<br>The company said it wrote off $191 million for the second quarter in credit losses, up from $125 million a year ago, due mostly to consumer credit cards.</font><br></em></div><div><div> </div><div>Despite $191 million written off, mostly from consumer CCs, they still earned over $1 billion last quarter. The write off represents a 52.8% rise over the same quarter last year.</div><div> </div><div>I have to wonder whether U.S. Bank is padding it's losses by raising the fees tacked on before charging off the debt. Liz Warren has said some banks admit they charge $2 in fees for every $1 in actual losses when charging off bad debts.</div><div> </div><div>If that's true for U.S. Bank, then their losses actually rose from $41.7 million to $63.7 million 2Q from 2006 to 2007. Also means their profit rose 0.31% 2Q from 2006 to 2007.</div><div> </div></div> Tue, 17 Jul 2007 21:25:25 GMT http://ficoforums.myfico.com/t5/Credit-in-the-News/U-S-Bancorp-s-2Q-profit-misses-mark/m-p/34250#M31 Noah_Bodie 2007-07-17T21:25:25Z